Samsung scales up support for budding start-ups
Samsung NEXT (formerly Samsung Global Innovation Centre) has created the Samsung NEXT Fund, a $150-million venture capital investment fund, to increase the tech giant's global support of early-stage start-ups pursuing advanced software and services innovation.
The fund enables Samsung NEXT to build upon its multi-stage global innovation platform to empower tech entrepreneurs with funding, resources and deep-domain expertise.
“We see software and services becoming a core part of Samsung Electronics’ DNA, and start-ups are key to achieving this vision,” said David Eun, president and founder of Samsung NEXT. “Samsung continues to embrace entrepreneurship at all levels and this Fund shows our unwavering commitment to support great start-ups worldwide.”
The Fund targets pre-Seed to Series B investments with a focus on virtual reality, artificial intelligence, IoT and other new frontier technologies. Companies that have received capital from the fund so far include Converge Industries, Dashbot, Entry Point VR, Filament, Intezer, LiquidSky, Otto Radio, 2Sens, SafeDK and Virtru.
“Our investments bring the power of the Samsung platform to start-ups to accelerate their growth and ultimately their success,” said Brendon Kim, vice president and managing director of Samsung NEXT Ventures. “The Samsung NEXT Fund expands our global reach and capabilities, while increasing Samsung’s access to more great ideas, products and talent.”
In September, Samsung NEXT launched its newest office in Tel Aviv. The new location is the fifth for the organisation, which currently has teams in Mountain View, New York, San Francisco and South Korea, with more to follow this year.
“We’re very passionate about partnering with start-ups and developing meaningful relationships in start-up ecosystems around the world,” said Emily Becher, managing director of Samsung NEXT Start and head of Samsung NEXT’s international expansion. “We leverage local experts to fuel traction and drive scale for start-ups right where they are.”
To coincide with Samsung NEXT’s international expansion and launch of the fund, the company has initiated its first major rebrand effort which includes the renaming of its organisation “Samsung NEXT” with a new logo and website. With the rebrand, the company’s goal is to simplify its identity and clarify its message and mission.